Prothena Stock Price, News & Analysis

Prothena Corporation plc (NASDAQ:PRTA) has announced an underwritten public offering of 3,000,000 ordinary shares, with a potential 15% additional share purchase option for underwriters. This offering is subject to market conditions and follows an automatic shelf registration statement filed with the SEC. Jefferies, Evercore ISI, and Cantor are acting as joint book-running managers. The proceeds are intended to advance its investigational therapeutics pipeline targeting neurodegenerative diseases. There is no guarantee regarding completion or terms of the offering.

Prothena Corporation (PRTA) announced promising results from its Phase 3 VITAL study on birtamimab, a treatment for Mayo Stage IV AL amyloidosis. A post hoc analysis indicated a significant survival benefit of 74% for birtamimab-treated patients at 9 months, compared to 49% for placebo (HR 0.413, p=0.021). The findings were presented at the American Society of Hematology Annual Meeting. Following these results, Prothena is advancing birtamimab into the confirmatory Phase 3 AFFIRM-AL study, with topline data expected in 2024.

Prothena Corporation plc (NASDAQ:PRTA) reported its financial results for Q3 and the first nine months of 2022. The company faced a net loss of $45.8 million for Q3 and $123.3 million year-to-date, a stark contrast to net income of $109.2 million in Q3 2021. Total revenue plummeted to $1.5 million in Q3 2022, down from $139.2 million in Q3 2021. R&D expenses rose significantly to $39.9 million for Q3 2022 due to increased manufacturing and clinical trial costs. Prothena's cash position remains strong at $497.0 million, and revised guidance predicts a net cash burn of $108 to $120 million for 2022.

Prothena Corporation plc (NASDAQ:PRTA) announced it will present survival data from its Phase 3 VITAL study at the American Society of Hematology Conference from December 10-13, 2022 in New Orleans, LA. The VITAL study showed consistent observed survival benefits in patients with Mayo Stage IV AL amyloidosis treated with birtamimab. The company is advancing birtamimab into the Phase 3 AFFIRM-AL study under Special Protocol Assessment (SPA) with the FDA, aiming for completion in 2024. Birtamimab is the only investigational drug demonstrating significant survival benefit in this patient demographic.

Prothena Corporation plc (NASDAQ:PRTA) announced it will release its third quarter and year-to-date financial results on November 3, 2022, after U.S. market close. The company specializes in protein dysregulation and is advancing a pipeline targeting neurodegenerative diseases such as Alzheimer’s and Parkinson’s. Notably, Prothena will not hold a conference call following the results release, consistent with prior practices. Investors and stakeholders anticipate key financial metrics and insights into the company’s investigational therapeutics during this upcoming report.

Prothena Corporation (NASDAQ:PRTA) announced participation in upcoming investor conferences, highlighting its late-stage clinical biotechnology focus on protein dysregulation. Key events include:

• Citi’s 17th Annual BioPharma Conference on September 8, 1x1 investor meetings.
• Morgan Stanley 20th Annual Global Healthcare Conference on September 13, with a fireside chat at 5:15 PM ET.
• H.C. Wainwright 24th Annual Global Investment Conference on September 14, fireside chat at 9:00 AM ET.
• Cantor Neurology & Psychology Conference on October 6, 1x1 investor meetings.

Live webcasts will be available on their website.

Prothena Corporation plc (NASDAQ:PRTA) announced the appointment of Helen S. Kim to its Board of Directors. With over 27 years of experience in biotechnology, Ms. Kim previously served as Executive Vice President at Kite Pharma, leading to its acquisition by Gilead. Her extensive background is expected to guide Prothena's robust pipeline as the company approaches commercialization. Following this appointment, the Board will expand to 10 directors. Ms. Kim expressed enthusiasm about contributing to Prothena's advancement in treating neurodegenerative and rare diseases.

Prothena Corporation reported a net loss of $41.2 million for Q2 2022, compared to a net income of $27.6 million in Q2 2021. Total revenue decreased to $1.3 million, down from $60.1 million year-over-year. Cash position remains strong at $510.1 million, with a projected net cash usage of $120 to $132 million for 2022. The pipeline includes promising therapies for Alzheimer’s, with FDA Fast Track designation for PRX012, and topline data expected from PRX005 by year-end. The company maintains a focus on advancing multiple clinical programs.

Dublin-based Prothena Corporation plc (NASDAQ:PRTA) announced the granting of a stock option to a new employee, allowing the purchase of 35,000 ordinary shares at an exercise price of $29.70 per share, equivalent to the closing price on August 1, 2022. The option will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter. This grant is part of the Company’s 2020 Employment Inducement Incentive Plan aimed at attracting new talent.